|Asset Management Associate|
Company: Preservation of Affordable Housing
Location: Boston, MA
Employment Type: Full Time
Date Posted: 09/21/2021
Expire Date: 11/21/2021
Job Categories: Administrative and Support Services, Finance/Economics, Other, Real Estate
Asset Management Associate|
About the Opportunity: POAH is seeking a smart and motivated individual interested in working at the intersection of affordable housing, real estate finance, real estate law, data and technology. We seek a Boston based Asset Management Associate to join our Asset Management team. For a description of the Asset Management teams work see https://www.poah.org/about/asset-management. The Asset Management Associate, working with other members of the team, will support refinancing and tax credit recapitalization efforts, assist with real estate tax submission to municipalities, the development of real estate tax budgets and cost mitigation strategies, and help administer, enhance and improve our real estate portfolio information system. Additionally, the Asset Management Associate will complete projects, analysis, surveys, and research related to the growing POAH Portfolio (currently 121 affordable multifamily properties that encompass ~12,000 units) and be tasked with assignments related to real estate finance, data collection, data integrity, technology, and asset management. Some of the Asset Management Associates specific and essential tasks may include:
Perform a variety of tasks for POAHs enterprise-wide database system (PI) which houses property level data points and documentation on acquisition prospects and POAH owned properties serving as POAH/POAHCs key document repository and reporting/dashboard tool. Examples of PI specific tasks may include: data entry, user setup, system maintenance, assisting with new hire trainings including developing or delivering training materials and user guides, creating detailed specifications for new reports/screens/stored procedures, responding to help desk tickets, performing quality assurance data audits and data integrity work, testing new functionality, etc.
Work with Transactional Asset Managers and the Vice President of Asset Management to assist with due diligence requests, tax credit application materials, underwriting, closing checklists, and funding requisitions for mortgage refinancing and recapitalization opportunities for the existing POAH portfolio
Develop a database of Real Estate Tax submission requirements for the POAH portfolio across all municipalities
Complete financial submissions to municipalities for assessed or other Real Estate Tax programs
Implement tax abatement, exemption, or other strategies to reduce the tax burden for POAH developments
Assist with developing annual real estate tax budgets for the existing POAH portfolio, as well as, developing those for new developments and acquisition prospects
Assist the POAH Legal Department in researching the availability of Real Estate Tax exemptions in each region where POAH operates.
Work with the Senior Portfolio Asset Manager to monitor the financial performance of the existing portfolio including current year performance, budgeting and capital needs analysis.
Collect and analyze financial information about individual POAH properties or the portfolio as a whole
Develop analyses and presentations about the portfolio.
Perform site visits and promulgate POAH and POAH Communities standards and knowledge in the field.
Obtain property information as needed for portfolio surveys, lender/investor queries, portfolio information database.
Complete lender/investor due diligence information requests.
Experience & Knowledge
Candidates for this position should possess one or more years of relevant experience and knowledge in some or all of the following areas:
Real estate asset management and/or property management
Real estate finance, especially affordable housing and the regulations and financing applicable to the industry;
Database management and/or technological project management
Proficiency or exposure to reading property audits, budgets, financial statements, and real estate closing documentation (LPAs, loan agreements, assignments, regulatory agreements, etc.)
Proficiency or exposure to analyzing financial performance of multifamily real estate assets and evaluating trends
Proficiency in use of computer including Outlook, Word, and PowerPoint with intermediate or better understanding of excel
Some exposure to property management and asset management softwares (i.e. Yardi, MRI, Real Page, Boston Post, Fussion, Starta, etc.) Equivalent relevant software or database experience will be considered.
Exposure or working knowledge of HUD subsidy programs including Project-Based Section 8, Project-Based Voucher and Housing Choice Voucher programs and contracts.
Exposure or working knowledge of Federal the Low Income Housing Tax Credit Program and/or FHA affordable multifamily loan products.
Candidates should have demonstrated ability to:
Communicate effectively in person and in writing;
Perform spreadsheet and other financial analyses;
Manage simultaneous and competing activities and demands, and
Remain organized and meet deadlines.
Ability to travel locally approximately once a month and out of state up to a few times a year
Ability to attend periodic evening meetings
Salaries are competitive and commensurate with experience. Benefits include generous vacation time, medical, dental, vision, life and disability insurances, tuition reimbursement and 401k retirement plan with company match. Job onboarding and training will be provided.
Applicants must include cover letter and resume.
POAH is an Equal Opportunity Employer committed to diversity in the workplace.
Company Name: Preservation of Affordable Housing
About POAH: Preservation of Affordable Housing (POAH) is a national nonprofit organization whose mission is to preserve, create and sustain affordable rental homes that support economic security, racial equity and access to opportunity for low- and moderate-income individuals, seniors and families. POAH has developed, owns and operates more than 12,000 affordable units at more than 120 properties in 11 states and the District of Columbia, and is based in Boston with additional corporate offices in Chicago and Washington D.C. The POAH team is dedicated, creative and passionate. We believe a diverse and inclusive team is a stronger, smarter team, and we actively promote diversity and meaningful inclusion of different perspectives among our board, our staff, our partners, in our procurement of good and services, and at our communities. We understand that addressing structural racism and achieving racial equity are central to the work we do and we proactively integrate the issue of race in our housing work.